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Sponsors
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History
- Substituted by A8903
- Ordered to third reading cal.19
- Reported and committed to rules
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes technical corrections relating to the treatment of qualified financial contracts in an insurance insolvency proceeding
Signed by Governor · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6131
Title of bill
An act to amend the insurance law, in relation to making technical corrections thereto
Purpose
This bill would make technical corrections to Chapter 600 of the Laws of 2011.
Summary of specific provisions
Specifically, this bill would make technical corrections to Chapter 600 of the Laws of 2011 (S.2713-A/A.6603-A) which amended the insurance law, in relation to the treatment of qualified financial contracts in an insurance insolvency proceeding affecting a domestic, foreign or alien insurer (so as to increase the certainty of insurers and their creditors with respect to the enforceability of certain financial market transactions and related netting agreements in the event of insurer insolvency). These technical corrections would amend such chapter to include contracts in connection with netting agreements, and to expressly exclude rights against an insurer licensed to write financial guaranty insurance.
Justification
This bill would make two clarifying amendments to Chapter 600, so as to specify that financial guaranty insurance would not be included within its provisions, and that contracts in connection with netting agreements would be so included, as was the intent of the original chapter.
Prior legislative history
This is a new bill.
Budget implications
None Noted.
Effective date
This act would be deemed to have taken effect on December 12, 2011 (the effective date of Chapter 600).
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.